Why China Is Cracking Down on Cryptocurrencies and ICOs | PIIE

Here’s an excellent article from the Peterson Institute for International Economics. It reports that China initiated a harsh crackdown on cryptocurrencies in early September, part of a broader toughening against financial risk and increased regulatory vigilance on new financial products.

Source: Why China Is Cracking Down on Cryptocurrencies and ICOs | PIIE

This article shows us that China has learned from America’s political weakness on finance and is ready to intervene decisively. Remember President Clinton‘s repeal of the Glass Steagall Act probably precipitated the 2008 financial crisis. And after the crisis, China boldly intervened with massive state sponsored investment – many Western observers thought China would have a hard landing but it never happened.


Further Opinion – Brexit repeal bill: Labour fails to defeat Government’s EU Withdrawal Bill in ‘deeply disappointing’ late-night Commons vote | London Evening Standard – John Gelmini

Nothing short of National Service will solve the youth unemployment crisis, the military recruitment crisis, the obesity and couch potato crisis and the rampant in discipline and fecklessness which exists.

Two years of National Service, followed by business mentoring for the intellectually challenged, would more than pay for itself by eliminating NEETS who number more than 1.4 million, fixing youth crime and the associated policing and custodial costs.

While people were serving abroad in barracks or Navy ships they would not require homes. These could be built using refurbished shipping containers, 3D printing and systems assembly on brownfield land during the period of overseas service.

Benefits would be turned into universal income, which would require work in exchange. People with normal jobs or businesses would be able to keep this income but would pay a flat tax on all of it plus their universal income. Benefit recipients would get universal income tax-free but would do work as directed based on their capabilities but from 16 to 18 everyone with few exceptions would do compulsory National Service.

Warfighting would be undertaken by regular troops, supplemented by robots, and drones with those in National Service undertaking support and logistics roles under supervision.

John Gelmini